Published By: Sayan Paul

The Buzz in Business: Top News of the Day (Dec 25)

Discover the top business headlines that are trending across the world today!

Unincorporated sector sees 13% increase in wages: Report

According to the results of the Annual Survey of Unincorporated Sector Enterprises (ASUSE), the unincorporated non-agricultural sector saw a 13% increase in workers' wages in 2023-24. Also, the sector had a 10.01% increase in employment to over 12 crore during the year ended September 2024. On the other hand, the number of establishments increased by 12.28% to 7.34 crore.

The female-owned proprietary establishments increased to 26.2% in 2023-24 from 22.9% in 2022-23. As Ministry of Statistics and Programme Implementation (MoSPI) Secretary Saurabh Garg said in a recent interview, "This trend indicates a positive shift in the participation of women in business ownership, highlighting an increase in female entrepreneurship over the given period."

 

(Credit: Ministry of Statistics & Programme Implementation)

Around $12 billion deposited in NRI deposit schemes in April-October FY25: RBI data

According to the latest data released by the Reserve Bank of India (RBI), overseas Indians deposited around $12 billion in NRI deposit schemes in April-October FY25. The inflows into the NRI schemes stood at $11.89 billion, which is nearly double compared to $6.11 billion during the same period in the previous year. Therefore, the total outstanding NRI deposits (as of October 2024) stood at $162.69 billion, compared to $143.48 billion during the same period last year.

NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits. The RBI data suggests that maximum flows (around $6.1 billion) during the April-October period came into FCNR (B) deposits.

Caramelized popcorn to be levied 5% GST, confirms govt sources

In the recently held GST Council meeting, it was proposed to levy different GST rates on different popcorn varieties. This came after a request was received from Uttar Pradesh to clarify the classification and GST rate applicable to popcorn mixed with salt and spices. Ever since, there has been massive outrage on social media.

However, according to a report by PTI, government sources have now clarified that popcorn sold in loose form in movie theatres will be levied 5 percent GST. But if the popcorn is sold together with a film ticket, then it will be treated as a composite supply and taxed as per the rate of the principal supply - the ticket.

FIEO's strategy for five key sectors to boost exports to the United States

The Federation of Indian Export Organisations (FIEO) - which is the apex body for exporters in India - is currently planning a strategy for five major sectors (apparel, electronics, toys, footwear, and organic chemicals) to boost exports to the United States. The body has also sought restoration of the Generalised System of Preferences (GSP) for duty-free imports of Indian goods into the US. It has also urged the government to provide the required financial assistance for Indian exporters to participate in the exhibitions.

As FIEO vice president Israr Ahmed said during a media interaction, "Capacities are being built as big factories are coming up in the country. We have to increase our presence in the US. We are asking for more funding under the Market Access Initiatives scheme to seize the opportunities. The scheme should focus on the US for at least three years."